when you think about it, jim -- go on. >> wouldn't that be the government that should do it? you guys don't have to spend that money, do you? >> oh, no. in fact, that's what we do. we are fundamentally an infrastructure business. we invest $1 billion a year today to provide waste water services to our regulated customers. we have competitive businesses in which we don't invest, but in a regulated business, that's really what we do. about only about 15% of the water infrastructure is privately owned. in most instances, 85% it's municipal or public entities and it's getting harder for them to keep up with investment requirements. that's where we see market potential to grow. >> as an old municipal bonds salesman, i wouldn't give these municipalities the time of day to raise money to take care of the infrastructure. i would tell them you sell it to american water, that way you get out from under and your water gets improved. maybe people move to your town. that is happening? >> it is. it's not happening probably at the rate i think it will. we did 15 acquisitions last year. most